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Mastercard sees 300m shoppers using AI agents for payments by 2030 – Technology Times

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Mastercard expects more than 300 million online shoppers globally could routinely rely on artificial intelligence (AI) agents to shop and make payments on their behalf by 2030, signalling a potential shift in the architecture of digital commerce and payments.

The projection is contained in Mastercard’s report, A Short History of the Future of Shopping and Payments, that examines the implications of agentic AI for merchants, payment providers, banks, fintech companies and consumers.

The emerging model, known as agentic commerce, would allow AI systems to operate within parameters authorised by consumers, including searching for products, comparing prices and features, verifying information and ultimately initiating or completing transactions.

For the payments industry, the development could move AI from being primarily a customer-facing tool to becoming an active participant in the transaction chain.

Mastercard expects more than 300 million online shoppers globally could routinely rely on artificial intelligence (AI) agents to shop and make payments on their behalf by 2030, signalling a potential shift in the architecture of digital commerce and payments. Image credit: AI.

Mastercard said routine purchases such as groceries, medicines and subscriptions are likely to be among the early categories in which consumers delegate purchasing activity to AI agents.
Under this model, a consumer could establish parameters such as budget, preferred brands, delivery requirements or other conditions, leaving the AI agent to determine which transaction meets those requirements.

AI agents could become new payment participants

Mastercard said routine purchases such as groceries, medicines and subscriptions are likely to be among the early categories in which consumers delegate purchasing activity to AI agents.

Under this model, a consumer could establish parameters such as budget, preferred brands, delivery requirements or other conditions, leaving the AI agent to determine which transaction meets those requirements.

The financial implication is that payment infrastructure would increasingly need to recognise and authenticate transactions initiated by software acting under a consumer’s authority.

This could create new requirements around identity, consent, authentication, transaction limits and liability, particularly where an AI agent has discretion to select a merchant or product.

Payment security moves beyond the consumer

Mastercard said trust will become increasingly important as software begins to transact on behalf of consumers.

The company identified identity, consent, authorisation, security and liability as areas that banks, fintech companies and merchants will need to address as agentic commerce develops.

The issue is significant for financial institutions because conventional digital payments generally assume that the person initiating a transaction is directly interacting with the merchant or payment interface.

Agentic commerce introduces another layer: software may initiate the transaction while the underlying financial authority remains with the consumer.

Payment networks and financial institutions could therefore face growing demand for mechanisms that distinguish authorised AI activity from unauthorised transactions, while giving consumers visibility and control over what their agents can purchase and spend.

Mastercard cites live European transaction

Mastercard said it and its partners have completed what the company described as Europe’s first live, end-to-end agentic payment transaction.

The company presented the transaction as a demonstration of how AI agents can participate in purchasing while maintaining consumer safeguards and control.

The development places payment networks at the centre of an emerging market in which the interface between consumers and merchants could increasingly be mediated by software.

For card networks and other payment infrastructure providers, the transition could create opportunities around authentication, tokenisation, transaction controls and other services required to support machine-initiated payments.

Retailers may have to optimise for machines

The shift could also affect the economics and operating models of digital commerce.

Mastercard said retailers will increasingly need to serve both human consumers and AI agents. Product information, claims, reviews, pricing, policies and other commercial data will need to be sufficiently structured and machine-readable for AI systems to evaluate them.

This means merchants may have to consider not only how products appear to consumers but also how effectively their commercial information can be discovered, interpreted and verified by AI systems.

The development could eventually influence digital advertising, product discovery, merchant visibility and customer acquisition as AI agents increasingly determine which products meet consumers’ requirements.

Implications for Nigeria’s payments market

For Nigeria, where banks, fintechs, payment service providers and merchants have rapidly expanded digital transaction channels, the development could introduce another layer to an already evolving payments ecosystem.

Agentic commerce could eventually require Nigerian payment providers to support controlled transactions initiated by AI systems, while maintaining clear links between the software, the authorised consumer and the underlying payment account.

It could also raise questions around transaction limits, dispute resolution, fraud liability, consumer protection and regulatory oversight when an AI system makes or executes a purchasing decision.

The opportunity extends beyond payments. Nigerian merchants seeking to participate in AI-mediated commerce may increasingly need to ensure that product catalogues, prices, inventory, delivery terms, refund policies and other commercial information are accessible to AI systems.

However, Mastercard’s 300 million figure is a projection rather than an established market size. Actual adoption will depend on consumer trust, regulatory developments, technical standards, merchant readiness and the ability of financial institutions and payment networks to provide secure infrastructure for machine-authorised transactions.

The broader significance for financial markets is that agentic AI could change not only how consumers shop, but also who, or what, initiates digital transactions, potentially creating a new layer of infrastructure between consumers, merchants and payment providers.

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The King of Small Chops at a New Age: Celebrating Prince Saheed Kekere-Ekun, The Man Who Turned Small Chops Into Big Business

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Long before the title “King of Small Chops” became synonymous with Prince Saheed Kekere-Ekun, there was a young man working as a waiter at parties and hospitality establishments in Lagos, learning the business from the ground up and quietly imagining a future few around him could probably have predicted.

Decades later, that young waiter has become one of the most recognisable personalities associated with Nigeria’s small-chops industry.

Today, as Prince Saheed Akorede Kekere-Ekun, popularly known as Saheeto, celebrates his birthday, his story is not simply that of a successful caterer.

It is the story of an entrepreneur who helped turn an often-overlooked part of the Nigerian party menu into a thriving commercial enterprise and, in the process, built a brand that has survived for more than three decades.

It is also a story with a delicious irony.

The man who made his name selling “small chops” ended up building something very big.

Kekere-Ekun’s journey dates back to his early years working as a waiter at Lagos social functions. Published accounts of his career trace the formal establishment of Saheeto International Limited to 1994, although his involvement in hospitality began earlier.

From those beginnings emerged a business dedicated to finger foods and event catering at a time when the category had nowhere near the commercial profile it enjoys today.

Kekere-Ekun saw possibilities where others saw party snacks.

He understood that spring rolls, samosas, puff-puff and other bite-sized foods could be more than an accompaniment served while guests waited for the main meal. With the right presentation, quality control, consistency and service, they could become a business in their own right.

That insight would help shape the Saheeto story.

Over time, weddings, birthdays and private celebrations gave way to increasingly large assignments, corporate functions and high-profile events. Saheeto became a familiar name within Lagos social circles and eventually beyond Nigeria.

Kekere-Ekun has credited much of that expansion not to flashy advertising but to referrals, repeat customers and maintaining standards.

His longevity is perhaps one of the most striking aspects of the story.

In a business where tastes change quickly and competitors emerge constantly, Kekere-Ekun has spent more than three decades associated with essentially the same proposition: take something seemingly ordinary and deliver it extraordinarily well.

And his influence has not been limited to what Saheeto sells.

Kekere-Ekun has spoken proudly over the years about training people who subsequently established themselves in the catering industry and, in turn, trained others. He has described that multiplier effect as one of the most satisfying parts of his entrepreneurial journey.

That may ultimately prove to be one of the more important chapters of the Saheeto story.

Businesses can be counted in outlets and revenues. Industries are built when knowledge is transferred and other entrepreneurs emerge.

The journey, however, has not been without bruises.

Kekere-Ekun has publicly recalled major business setbacks, including an early catering disaster in which food prepared for roughly 2,000 guests was spoiled, forcing his team to start again under enormous pressure. He has also spoken about suffering a much larger financial loss after operational problems affected a major catering contract.

He survived both.

Those episodes offer another explanation for the longevity of the man behind Saheeto: an ability to absorb setbacks, reassess and keep moving.

His interests would eventually stretch beyond catering. Published profiles have linked him with hospitality and real estate, including Saheeto’s Place on Lagos Island.

His entrepreneurial work also earned formal recognition. FATE Foundation’s anniversary records list Saheed Kekere Ekun as its 2012 FATE Alumni Model Entrepreneur, while he has received other recognition for his contributions to food and hospitality.

Then there is another side to Kekere-Ekun: politics.

Years before his more recent appearances on the political circuit, he publicly discussed his political ambitions and sought to represent Lagos Island Constituency II in the House of Representatives on the platform of the All Progressives Congress.

More recently, he was visible in Ekiti during the campaign for Governor Biodun Oyebanji, appearing alongside leading political figures and supporters during the election period.

It paints the portrait of a man whose network and interests have expanded considerably from the Lagos hospitality scene where his journey began.

But food remains at the heart of his identity.

That story is now moving into another generation through Saheeto Signature.

In August, the company opened its Saheeto Signature Grill Hub in Wuse 2, Abuja, extending a hospitality journey that has lasted more than three decades into a concept where customers do not have to wait for a wedding or major party to experience the brand.

It is a significant evolution.

The waiter became an entrepreneur.

The entrepreneur became an employer and trainer.

The small-chops business became a hospitality brand.

And the brand is now being positioned for another chapter.

For the many younger entrepreneurs who today make a living from small chops, finger foods and event catering, Kekere-Ekun’s journey is also a reminder that an industry does not always begin with a grand idea.

Sometimes it begins with recognising the enormous potential hidden inside something everyone else considers small.

That is what makes his birthday today more than a celebration of another year.

It is an opportunity to celebrate Prince Saheed Kekere-Ekun — the man behind Saheeto, the entrepreneur who helped give small chops a bigger place in Nigerian hospitality, and the businessman whose journey from waiting tables to building a recognised brand has become a story of persistence, reinvention and enterprise.

After more than three decades, people still call him “The King of Small Chops.”

Perhaps the greatest tribute to his journey is that nobody considers the business small anymore.

Happy birthday, Prince Saheed Kekere-Ekun.

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Nascon, Coronation, Jaiz Bank top stock pick this week

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Nigerian stocks advanced by 2.9 per cent last week, lifted by bank and oil & gas equities. All the sector indexes appreciated during the week.

The main equity index has yielded 60.5 per cent so far this year.

“Recent broad-based declines have, however, brought several frontline and mid-cap stocks to more attractive entry levels. This could encourage some bargain-hunting during the week,” analysts at Meristem Securities said in a note ahead of the week.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

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Nascon

Nascon tops this week’s list for its strong fundamentals. The net profit ratio (NPR) of the salt maker is 9.3, while the price-to-earnings (PE) ratio is 11.5x. Its 14-day relative strength index (RSI) is 6.9.

Coronation Insurance

Coronation appears on the pick on the basis of its attractive fundamentals. The NPR of the insurer is 22.7, while the PE ratio is 5.2x. The 14-day RSI is 55.4.

Jaiz Bank

Jaiz makes the selection for its strong fundamentals. The bank’s NPR is 28.5, while the PE ratio is 1.5x. Its 14-day RSI is 43.9.

Fidson

Fidson makes the cut for its sound fundamentals. The NPR of the drug manufacturer is 7.8, while the PE ratio is 17.7x. The 14-day RSI is 43.

CAP

CAP makes the cut for its sound fundamentals. The NPR of the chemical manufacturer is 14.1, while the PE ratio is 13.5x. The 14-day RSI is 3.6.


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